Fresh monthly data from Eurostat showed that European inflation remains tepid and unemployment in the euro area is stuck at 11.5%. The numbers are likely to feed expectations that the European Central Bank will be forced to embark upon a stimulus program to support the economy.

4. Worries about Japan: Japanese markets were soft Friday after more weak data failed to support the country's Abenomics revival plan.

"Japanese markets are down following a raft of negative data. Further declines in household consumption indicate that the increase in sales tax is hitting Japanese households hard," said Tom Beevers, CEO of StockViews.

5. U.S. economic reports: The U.S. government will report personal income and spending numbers at 8:30 a.m. ET. The University of Michigan will release the final reading of its consumer sentiment index for August at 9:55 a.m.